Common use of Bankruptcy; Reinstatement Clause in Contracts

Bankruptcy; Reinstatement. This Agreement is a legal, valid and binding obligation of each Grantor. This Agreement will remain in full force and effect and enforceable to the maximum extent provided in Section 510(a) of the Bankruptcy Code, and all references herein to a Grantor will be deemed to apply to such entity as debtor-in-possession and to any trustee in bankruptcy for the estate of such entity. Each Grantor further agrees that, if any payment made by any Grantor or other Person and applied to the Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of Collateral are required to be returned by any the Secured Party or any Secured Party to such Grantor, its estate, trustee, receiver or any other party, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any lien or security interest or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made or, if prior thereto the lien or security interest granted hereby or other Collateral securing such liability hereunder shall have been released or terminated by virtue of such cancellation or surrender), such Lien or other Collateral shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect any Lien or other Collateral securing the obligations of any Grantor in respect of the amount of such payment. Notwithstanding any other provision of this Section, the Secured Party will be entitled to file any necessary pleadings, motions, objections or agreement which assert rights or interests available to unsecured creditors of any Grantor arising under either the Bankruptcy Code or applicable non-bankruptcy law.

Bankruptcy; Reinstatement. This Agreement is a legal, valid and binding obligation of each Grantor. This Agreement will remain in full force and effect and enforceable to In the maximum extent provided in Section 510(a) event that acceleration of the Bankruptcy Codetime for payment of any of the Guaranteed Obligations is stayed upon the insolvency, and bankruptcy, administration or reorganization of any Borrower, or otherwise, all references herein to a Grantor will such amounts shall nonetheless be deemed to apply to such entity as debtor-in-possession and to any trustee in bankruptcy for payable by the estate of such entityGuarantors forthwith upon demand by the Guaranteed Parties. Each Grantor Guarantor further agrees that, if any payment made by any Grantor or other Person and applied to the Obligations extent that any Borrower makes a payment or payments to any of the Guaranteed Parties on the Guaranteed Obligations, which payment or any part thereof is at any time annulled, avoided, set aside, rescinded, subsequently invalidated, declared to be fraudulent or preferential preferential, set aside or otherwise required to be refunded or repaid, or the proceeds of Collateral are required to be returned by any the Secured Party or any Secured Party repaid to such GrantorBorrower, its estate, trustee, receiver receiver, debtor in possession or any other party, including, without limitation, such Guarantor, under any insolvency or bankruptcy law, state state, federal, or federal foreign law, common law or equitable cause, then, then to the extent of such payment payment, return or repayment, any lien the obligation or security interest part thereof which has been paid, reduced or other Collateral securing satisfied by such liability amount shall be automatically reinstated and remain continued in full force and effecteffect as of the date when such initial payment, reduction or satisfaction occurred, all as fully as if though such payment payment, reduction or satisfaction had never not been made ormade. Each Guarantor agrees that it will indemnify any and all of the Guaranteed Parties on demand for all reasonable costs and expenses (including reasonable fees of counsel) incurred by any such Guaranteed Party in connection with such rescission and/or restoration other than any costs or expenses resulting from the gross negligence, if prior thereto the lien willful misconduct or security interest granted hereby or other Collateral securing such liability hereunder shall have been released or terminated by virtue unlawful act of such cancellation Guaranteed Party demanding such indemnity, or surrender), the material breach by any such Lien or other Collateral shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect any Lien or other Collateral securing the obligations of any Grantor in respect Guaranteed Party of the amount Loan Documents, in each case as determined by a court of such payment. Notwithstanding any other provision of this Section, the Secured Party will be entitled to file any necessary pleadings, motions, objections or agreement which assert rights or interests available to unsecured creditors of any Grantor arising under either the Bankruptcy Code or applicable competent jurisdiction in a final non-bankruptcy lawappealable judgment.

Bankruptcy; Reinstatement. This Agreement is a legal, valid and binding obligation of each the Grantor. This Agreement will remain in full force and effect and enforceable to the maximum extent provided in Section 510(a) of the Bankruptcy Code, and all references herein to a the Grantor will be deemed to apply to such entity as debtor-in-possession and to any trustee in bankruptcy for the estate of such entity. Each Grantor further agrees that, if any payment made by any Grantor or other Person and applied to the Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of Collateral are required to be returned by any the Secured Party or any Secured Party to such Grantor, its estate, trustee, receiver or any other party, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any lien or security interest or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made or, if prior thereto the lien or security interest granted hereby or other Collateral securing such liability hereunder shall have been released or terminated by virtue of such cancellation or surrender), such Lien or other Collateral shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect any Lien or other Collateral securing the obligations of any Grantor in respect of the amount of such payment. Notwithstanding any other provision of this Section, the Secured Party will be entitled to file any necessary pleadings, motions, objections or agreement which assert rights or interests available to unsecured creditors of any the Grantor arising under either the Bankruptcy Code or applicable non-bankruptcy law.